Vintage Shopping Center Picks Up $11M

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PHOENIX-A 37,400-sf vintage retail center has traded hands for $10.25 million, allowing a local company to invest in a fully leased neighborhood center along Camelback Road.

The chief selling point is Arcadia Village’s location at 3939 E. Camelback Rd. “This is in one of the oldest parts of town, but it’s an irreplaceable location for Phoenix retail,” says Jeff Chalfin, an adviser with Sperry Van Ness’ Phoenix office, who represented the buyer, locally based Maverick Holding Co. LLC. “You’re right there on the edge of Paradise Valley at an intersection where there’s a very severe shortage of retail.”

Though the center is close to 50 years old, Chalfin tells GlobeSt.com that it attracted several interested investors, with Maverick stepping forward to pay the full ask. “The guy who bought it is a local investor,” he says, “and this’ll be a core asset for his estate for a long time.”

The self-represented seller, Irmas Gold & Co. of nearby Tempe placed the property on the market to pay off debt on other assets. “This was one of four properties that were cross-collateralized by one loan,” Chalfin says. “By selling this, the seller has paid off all debt for the properties and got himself free and clear on other deals.” Maverick made the close with a conduit loan at a fixed-rate interest hovering 6%. The financing, cleared at a 75% loan-to-value ratio, amortizes over 30 years.

“This was an incredibly smooth transaction,” Chalfin says. “Both the buyer and seller were pleased with one another as to how well it went.” Sperry Van Ness brokers Joe Thornhill, Ari Spiro and Mike Day assisted Chalfin in the sale.